by Kent Redding | May 14, 2024 | Austin Board of REALTORS
The next few months are a critical period for your business and our marketplace. NAR has set a deadline of August 17, 2024, for the settlement-required MLS rules and broker business practice changes to take effect locally.
My brokerage is preparing by updating our business practices and forms to align with the required changes and building in time to train our agents. By the time you read this, Unlock MLS will have released a wave of events, resources, and education tracks to help everyone navigate this transition. It’s both encouraging and empowering to know that my association and MLS are providing the support I need to confidently and smoothly navigate this important transition.
It’s also reassuring to know that I have what I need to keep my business running strong during this period. Your ABoR and Unlock MLS Boards of Directors have been hard at work this year to roll out many FREE benefits and discounts to enhance your business, save time, and ultimately sell more homes in 2024.
ABoR & Unlock MLS Benefits Released Since January
You can learn more about all these benefits, including how to sign up, from the ABoR.com homepage.
January: Key Reciprocity
Your MLS provides automatic access to Supra lockboxes in the San Antonio and Houston MLS areas. You can access and show properties from Uvalde to Galveston, covering nearly 70 percent of the Texas housing market. That’s an expansion of almost 50,000 active properties. Wow!
February: Forewarn
I love this app! Forewarn allows users to access vital insights on prospective clients in seconds using either a phone number or name. You can verify details such as identity, phone numbers, address history, financial indicators, property records, and nationwide criminal history.
March: Matrix 11.2.3 & New Search
The recent update to Matrix 11.2.3 brought a much cleaner design and a greatly improved search module. I will admit, it took me a minute (yes, your president!) to get used to these changes, and I was tempted to stay in “classic mode.” But it’s important to lean into change to keep your competitive edge sharp. I encourage you to block some time this month to get to know the new search—perhaps by signing up for a free MLS training on ABoR.com/Take-A-Class.
April: CubiCasa CubiCasa CubiCasa!
Unlock MLS subscribers have FREE access to CubiCasa to create accurate 2D and 3D listing floorplans in minutes, straight from their phones! Leverage the Cubicasa app to create more powerful listings, impress your clients, and sell homes faster. Add Those to the Amazing Benefits We Already Offer!
Economic Data & Research Reports
Our most recent report, “The Impact of Minimum Lot Size on Housing,” examines the impact of minimum lot size on Austin’s housing supply and affordability and focuses on the potential effects that reducing Austin’s minimum lot size can have on housing affordability.
You can expect more research releases throughout the year from ABoR and Unlock MLS Housing Economist Dr. Clare Knapp, including weekly episodes of the Driving It Home podcast! View research reports at ABoR.com/Research and tune into the podcast weekly at ABoR.com/DrivingItHome.
Free Inman Select and Austin Business Journal Access
As you know, the industry is experiencing some changes. Thankfully, we’ve got ways to stay connected with the latest developments in our marketplace and our industry. ABoR members have free access to both Inman Select and the Austin Business Journal! Don’t miss out on the next breaking news in the industry by activating your free accounts at ABoR.com/Benefits.
Apply for the 2025 Board of Directors
One of the most overlooked, yet most powerful, ABoR benefits is the career-building leadership opportunities that being a member of our community provides. Are you ready to go big? Applications to serve on the 2025 ABoR & Unlock MLS Boards of Directors are open until Friday, May 31.
I cannot speak highly enough about the positive experiences, growth opportunities, and connections I’ve made throughout my time on the Board. It’s single-handedly the best way to stay connected in our industry. Join me in serving and step into leadership with YOUR Association and MLS by applying at ABoR.com/Leadership.
by Tawanna Verock | Apr 16, 2024 | Editor's Choice
The Buyer Representation Agreement (BRA) is a pivotal legal document in real estate transactions, particularly in Texas, where the market can be both vast and diverse. This document is the foundation of the relationship between a buyer and their chosen real estate agent or brokerage, delineating the terms and conditions under which the agent will represent the buyer exclusively. Here, we delve into buyer representation agreement’s intricacies to understand the nuances and implications.
At its core, signing a Buyer Representation Agreement is a voluntary act requiring mutual consent from both the buyer and the designated agent or brokerage. Unlike some states where such agreements are mandatory, Texas upholds the principle of voluntary engagement, allowing parties to agree at their discretion.
Central to the Buyer Representation Agreement is the establishment of exclusive representation. Through this agreement, the buyer commits to working solely with the designated agent or brokerage for a predetermined period. This exclusivity ensures that the agent can dedicate their full attention and resources to fulfilling the buyer’s needs without the potential conflict of interest arising from representing multiple clients in the transaction.
The duration of the Buyer Representation Agreement is flexible and negotiable between the buyer and the agent; typically, it is six months. This period allows ample time to navigate the complexities of the real estate market while allowing both parties to reassess the arrangement if necessary.
Compensation is a pivotal aspect of the Buyer Representation Agreement, with the commission structure being a key consideration. In Texas, it is common for the buyer’s agent to receive compensation from the seller’s agent’s commission upon the successful conclusion of a real estate transaction. The agreement delineates the specifics of this arrangement, ensuring transparency regarding the agent’s compensation.
While the agreement fosters a collaborative relationship between the buyer and agent, termination provisions safeguard the interests of both parties. Should either party find the representation unsatisfactory due to communication breakdowns, unmet expectations, or other issues, the termination clause offers an avenue for amicable dissolution of the agreement.
Clarity regarding the duties and responsibilities of both buyer and agent forms the bedrock of the Buyer Representation Agreement. From conducting market research and property searches to negotiating favorable terms, the agent assumes a fiduciary role, acting in the buyer’s best interests throughout the transaction. Conversely, the buyer pledges cooperation and honesty, which are essential for a fruitful partnership.
Confidentiality emerges as a paramount concern in an environment where information is currency. The agreement requires the agent to safeguard all confidential information disclosed by the buyer during the engagement to ensure that sensitive details regarding the buyer’s financial standing, preferences, or negotiations remain privileged and protected.
Navigating the intricacies of a buyer representation agreement demands meticulous attention to detail and a comprehensive understanding of its implications. Prospective buyers in Texas are encouraged to thoroughly review the agreement before appending their signature. Seeking counsel from legal professionals or real estate attorneys can provide invaluable guidance, ensuring that the agreement aligns with the buyer’s interests and objectives.
In conclusion, the Buyer Representation Agreement stands as a cornerstone of the real estate journey in Texas, forging a symbiotic relationship between buyer and agent within our dynamic market landscape. By embracing the principles of exclusivity, transparency, and mutual respect, buyers can confidently navigate the complexities of real estate transactions, knowing that a dedicated and trusted agent safeguards their interests.
by Sonia Guardado | Mar 16, 2024 | Texas Residential Real Estate Council
In the dynamic world of real estate, the challenge of navigating market fluctuations is a constant for both new and seasoned agents. Comfortably settling into established routines and hesitating to venture beyond the confines of our comfort zones can hinder our ability to adapt to the ever-changing market dynamics. In a profession where success is intertwined with the ability to stay ahead, complacency is a luxury we cannot afford. The real estate landscape demands constant skill refinement, prompting the need for a proactive approach to professional growth rather than a reactive scramble to catch up.
The initial foray into the real estate market can be overwhelming for new agents. The learning curve is steep, and there’s a constant need to understand market trends, master negotiation skills, and build a network of clients. On the other hand, seasoned agents may find themselves set in their ways, relying on strategies that have worked in the past but may need to be more effective in the current market conditions. The key to success lies in a proactive approach to professional development. Instead of catching up with market changes, real estate agents should strive to stay ahead. This involves continuing education, staying informed about industry trends, and adopting new technologies and tools to enhance efficiency and client satisfaction.
This month, Texas RRC offers two CE courses to help manage the challenges of ever-changing marketplaces and managing experiences during one of the most challenging situations: divorcing clients. On April 25, from 8:30 a.m. to 12:30 p.m., join us virtually for “Five Steps to Success in Any Market,” where you will be surprised to learn it’s not just about lead generation. In the afternoon, from 1 to 5 p.m., we will offer “I Do Until We Must Part The Assets: Navigating Divorcing Customers,” where you will master the art of communicating with emotionally charged clients and ensure the journey ends with a smooth landing. Both courses offer 4 hours of CE and are $50 each. To register, visit https://crs.com/membership/local-rrc/texas. We look forward to seeing you there!
by Delaine McMurry | Mar 16, 2024 | Women's Council of REALTORS
We are thrilled to announce the 16th annual TREPAC Cake Auction event at the Austin Board of REALTORS®! The Women’s Council of REALTORS® has a rich history of supporting TREPAC, and this event is one of our highlights of the year. Not only do we get to share why you see us proudly wearing purple, but we also have an exciting lineup of activities planned. Join us for a fun-filled evening featuring cakes and gifts, as well as special appearances by Leslie Cantu and Ron Oliveira. Indulge in heavy appetizers and toast to a great cause at our champagne bar. All proceeds from the auction will go towards your TREPAC investment.
Our monthly business-building coffee meetups have been a huge success, and I want to express my gratitude for recognizing their value. Each gathering offers a fresh topic for discussion, along with occasional pop-by supplies. In January, we delved into business planning, followed by pop-bys & reels in February, and farming in March. Stay tuned to our Facebook page for updates on upcoming meetups.
In February, we hosted an event featuring Colin Newberry, who delivered valuable insights on LLCs, including series LLCs, and their suitability for your needs. The information shared was highly informative, sparking engaging discussions and allowing for in-depth Q&A sessions and networking opportunities. Thank you to everyone who participated and contributed to making the event a success!
In March, we organized a members-only meet-up focused on establishing a referral network based on various niches. It was a fantastic opportunity to offer value to our members and facilitate the creation of potential business opportunities.
Be sure to watch out for our upcoming Mother’s Day event in May and our exciting Purse Bingo event in July. Both gatherings provide wonderful opportunities for client appreciation and networking.
If you are considering becoming a member, visit wcr.org to sign up. Additionally, we are currently seeking applicants for our 2025 board, so please don’t hesitate to contact me if you are interested in joining. We are eagerly anticipating your presence at our next event!
by Kim Dale | Mar 16, 2024 | Five Points Board of REALTORS
In the ever-changing world of real estate, where market trends shift rapidly and client demands evolve constantly, staying ahead of the curve is essential for success. We are at the helm of a new era; artificial intelligence is just now starting to show us what it is capable of. There are many ways that REALTORS® can incorporate AI into their business, and jumping on this trend when it is still new is one of the best ways to come out ahead.
AI-powered algorithms can analyze a vast number of datasets, helping to identify potential leads based on criteria such as demographics, online behavior, and previous interactions. Using AI for lead generation helps REALTORS® sort through leads to find high-value prospects.
REALTORS® pride themselves on the personal touch they bring to the home buying and selling process. The use of AI enables REALTORS® to deliver targeted and relevant marketing campaigns to current, future, and past clients. Algorithms can tailor marketing messages by analyzing client preferences, browsing history, and interactions. There are numerous avenues for
REALTORS® to get their message out there, including personalized email campaigns, targeted ads, and even customized property listings based on a buyer’s preferences, budget, and location.
The power behind AI tools can also analyze market trends, historical data, and other relevant factors to provide REALTORS® with valuable insights into future property values, market fluctuations, and investment opportunities. This helps agents make data-driven decisions, anticipate market trends, and provide strategic advice to their clients.
REALTORS® don’t work 9-5, they are on all day, every day, for their clients and their needs. AI-powered chatbots and virtual assistants can help agents provide round-the-clock customer support and assistance. We can use AI to automate routine tasks such as answering queries, scheduling appointments, and providing property information. Whether it’s assisting clients with property searches or providing real-time updates on market trends, AI-powered assistants ensure that REALTORS® are always accessible to their clients.
The introduction of AI has been a game changer for REALTORS®. Learning to dive in and utilize what it has to offer will undoubtedly create new leaders in the industry, setting the pace and shaping the future of real estate for years to come.
